Brian Kinstlinger: It does. No, it does. Thank you. The last question I have, I’m hearing you guys right with the cost cutting and future potential cost cutting, you talked about where you would exit the year at a G&A level. And based on the first quarter adjusted EBITDA loss guidance, we’re not seeing much of that is what I sense. And with the order trends, I sense the second quarter also will probably be breakeven to a loss too, given the third quarter is where most of your revenue is generated. So, I’m wondering if there’s anything to think about from a covenants that we should be mindful of?
Greg Wiggins: Yeah. So, a couple of thoughts there to address. So yes, throughout the year there will be a little lumpiness on our OpEx savings. We can speak a little more closely to the first quarter. And certainly, as you indicated, where we want to be by the end of the year, where we anticipate being at the end of the year is kind of our future run rate of that $12.5 million, $13 million of OpEx per quarter. In the first quarter, you’re correct. With some of the other restructuring charges that have gone into some of the changes we’ve made and as you appreciate when a significant number of the changes made were headcount related, there’s some costs that offset some of the immediate savings that won’t be really realized until we get into Q2, Q3.
Also there are other initiatives as we kind of alluded to in our prepared remarks that this is an ongoing process. So there are further changes to be made and the timeframe in which some of those are executed will certainly impact the timing of those reductions in Q2, Q3. So, we’ve stopped short of providing full year guidance at this time on where we’ll land for the year. But obviously for Q2, Q3, we’ll be gradually working towards kind of our new run rate by the end of the year. From a debt compliance standpoint, as I say, we are obviously focused on refinancing our current credit facility, but we also continue to work with our existing lenders with covenant compliance as far as our existing agreement is concerned and we continue to kind of have those discussions with them as we progress through the year.
Brian Kinstlinger: Okay. Thank you. Good luck.
Operator: Thank you. [Operator Instructions] The next question is coming from Jack Vander Aarde from Maxim Group. Jack, your line is live.
Jack Vander Aarde: Okay, great. Thanks, Dale. Thanks, Greg. Just a couple of questions to follow-up. Dale, can you talk a little bit more about your 2024 revenue outlook, which is for roughly flattish growth? But in terms of geography, are you kind of expecting flattish growth across the board? Or any puts and takes there, whether it be the U.S. market, EMEA or some of the other growth markets you’ve been gaining share in? Is it kind of a blanketed, just kind of flattish or any markets expected to outperform and others to be kind of laggards? Thanks.
Dale Strang: It’s tough to say, but thank you, Jack. Yeah, it’s tough to look at EMEA and say and look at that as a blanket, right? Our two biggest markets are naturally the U.S. and the UK. We’re seeing pretty sharp growth on a maybe smaller base in markets like Germany, which is somebody we invested pretty aggressively in over the last couple of years, and we’re seeing some real results there. And we’re also seeing growth not just by geography but by sector, meaning we think that our FrontRow business will grow nicely this year and that contributes to our U.S. result. I will say this, the overall the blended basis on EMEA looks like it’s got more it’s maybe having a little less of the continued softness overall on a blended basis when you average everything else, whereas the panel market in the U.S. is still looking flat to down.
But if we hit the number that we’re talking about hitting, it will be because of all those factors. It will be that we’ll take some market share, that the market will perform well in certain markets and we’ll blend in products like our STEM product, our training services and our audio product to achieve the result. It’s also worth noting that the U.S. is not monolithic either, right? We’re seeing really strong performance in certain states that are growing quickly, as you’d expect, and those states will continue to perform really well. Again, Jack, I’m not sure if that covers it. Globally, the market is going to remain relatively flat. We think that we’re covered pretty well in all the areas where we can get growth of sub areas, so we can get growth this year.
And we’re aggressively working on filling any white space we have to make sure that we grab the business where it is.
Jack Vander Aarde: Okay, great. That covers a lot of that. I appreciate that. And then maybe a follow-up for Greg and Dale, maybe you can contribute to this as well. But just on the cost reduction front and kind of the go-forward goal, I believe I heard you’re targeting maybe — I know there’s seasonality involved, but when all said and done, maybe a $12 million to $13 million kind of normalized quarterly OpEx. Do you just have a sense of what kind of a normalized or targeted adjusted EBITDA margin looks like? It sounds like gross margin might be stepping down 150 bps maybe or so, but still remains pretty strong relative to historical levels and so further OpEx cuts. Just wondering like what is kind of a normalized profit or adjusted EBITDA margin in your eyes, if you could speak to any of that? Thanks.
